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31FX Blog

Gold: Prices Affected by Russia, US-CHINA Trade Deal and Coronavirus

31FX – Prices of Gold are being affected by certain areas including Russia’s gold buying binge, US-China trade deals and the ongoing Coronavirus Outbreak in China.

man wearing a mask while in a global meeting
A participant takes notes. Update: Wuhan Coronavirus session at the World Economic Forum Annual Meeting 2020 in Davos-Klosters, Switzerland, 22 January. Congress Centre – Issue Briefing Room. Copyright by World Economic Forum/ Greg Beadle

RUSSIA’S $40 BILLION GOLD BUYING BINGE IS SLOWING DOWN

JANUARY 17, 2020
PRICE OF GOLD: $1555.20 | $1531.47 down by ( down by 2387 dollar movement)

Russia, the world’s biggest buyer of gold is losing interest in the precious metal. After spending an estimated $40 billion on gold in the past five years.

The slowdown does change business for Russia’s gold producers and banks, who are selling gold overseas instead of relying on the central bank to be the main buyer. Bullion exports were 100.5 tons last year, compared with 16 tons in 2018, according to customs data.

According to senior market analyst OANDA, the price of gold is expected to up once that the central bank demand on the yellow metals.

Top investors are focusing now on trade tensions and falling dollars.

GOLD PRICES INCHES UP AS TRADERS WEIGH TRADE DEAL IMPACT ON MARKETS

JANUARY 20, 2020
PRICE OF GOLD: $1549.12 | 1559.73 (up by 986 DOLLAR MOVEMENT)

Image result for trade deal

Gold prices inched up today in Asia amid speculation of the potential success of the U. S – China trade deal that was signed last week.

If U.S dollar suddenly weakened or stocks were hit hard by a correction analyst can see gold jumping to at least $ 1574. 90 to $1583.9

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GOLD PRICES FALL AS WHO SAYS NEW VIRUS IS NOT INTERNATIONAL EMERGENCY

JANUARY 24, 2020
PRICE OF GOLD: $1567.90 | 1557.81 (down by 1039.7 DOLLAR MOVEMENT)

Image result for CORONAVIRUS CHINA

Investors on gold are waiting for WHO to declare a global emergency, but as of January 24, 2020, WHO says a new virus is not an international emergency that is why the price of gold is being affected, Gold futures dropped by 0.3%.

However, traders remained cautious as some fear the virus will continue to spread during the lunar new year holidays a peak travel season of the year.

Watch Out!

Investors are waiting for the drop in interest rates, falling dollars and central bank demand that can really shake the precious metal. Right now the movement of the gold is not that fluctuating but watch out to these different factors so we can take advantage of the position with the precious metal.


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